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The Worst (and Best) Banks of 2016 – Data & Report

“After the 2008 financial crisis, everyone seemed to love to hate the financial sector. Working at a bank was no longer so glamorous and mountains of regulation was written for the protection of consumers. In July 2010, Congress passed and President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act. Included in Dodd-Frank was the creation of the Consumer Financial Protection Bureau (CFPB). The CFPB was created to help and protect American consumers when dealing with consumer financial products and services. In July 2011, the CFPB began accepting complaints from consumers against financial institutions. The CFPB created the complaint channel to supervise financial companies and to enforce rules and regulations for the consumer. The CFPB’s Consumer Complaint Database collects and displays over 679,000 complaints sent to nearly 3,000 different companies. At LendEDU, we love looking at interesting data. Last month, our team stumbled onto the CFPB’s data set and we thought it would be interesting to take a peek at the data. After all, LendEDU works to help and educate consumers on their finances. The CFPB’s data tells a number of stories. We thought it would be interesting to see which companies receive the most complaints from consumers. Over the last week we analyzed the 2016 data to determine which banks receive the most (and least) complaints from consumers…”

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